Chainlink and Arbitrum have reached an agreement to integrate the services of the two protocols, allowing builders on Arbitrum to enjoy the Oracle services of Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
This is coming a few months after the Chainlink mainnet went live following years of development, testing, and improvement.
CCIP offers Web3 developers a secure and user-friendly interface to create applications that can interact across different blockchains, enabling the transfer of tokens and messages seamlessly.
This protocol leverages Chainlink’s decentralized Oracle Network, that secures billions of dollars and facilitates more than $8 trillion in on-chain transactions.
Arbitrum One is a Layer 2, optimistic rollup solution built on Ethereum. It is designed to be a high-throughput and low-cost infrastructure on which decentralized applications (dApps) can be created.
It is worth noting that Arbitrum One’s optimistic roll-up technology currently manages approximately 60% of the total value locked in the Ethereum Layer 2 ecosystems. It enables fast and cost-effective transactions by batching them off-chain before submitting them to Ethereum’s base layer.
Some of the benefits of the integration between the two protocols cut across cross-chain tokenization, collateralization, gaming, data storage, and computation.
This can be seen with projects such as BetSwirl, Galaxis, and Stafi, already exploring the Chainlink-Arbitrum integration.
Speaking about the partnership, Johann Eid, Chief Business Officer at Chainlink Labs, noted that Arbitrum is an important protocol for solving congestion on the Ethereum network, which creates a seamless foundation for the development of DApps.
“CCIP now gives these users access to a highly secure and easy-to-use interoperability protocol built on Chainlink’s time-tested infrastructure, powering cross-chain smart contracts in a way that will open up new avenues of growth, accessibility, and innovation,” he added.
Arbitrum is one of many blockchains that enjoys the services of Chainlink. Others are Binance Smart Chain, Polkadot, Tezos, Avalanche, Polygon, Cardano, and Solana.
